It’s quite typical for the target price to change with the share price, and BICO is hardly an exception in this regard. The analysts’ justification is usually that the multiples accepted in the market have changed. Of course, they have, especially for fast-growing companies whose long-term future is more shrouded in mystery than that of an average company.
In addition, BICO’s Q3/2021 results were a disappointment to the market, which explains the drop in both the share price and the target price that occurred in November.